10 Side Hustles To Increase Your Net Worth
There’s a saying that when you’re in a job that you enjoy doing, it doesn’t feel like work. Finding the right side hustle is the same way. If you can take what you’re already interested in or good at and find a way to translate that into a legitimate side gig, it can feel like you’re increasing your net worth without even exerting any effort.
While not everyone is cut out to drive an Uber in their spare time, there are plenty of side hustles that may match with your own particular skills and interests. Check out this list of 10 side gigs that may be easy ways to increase your net worth.
Potential salary: Varies based on sales and products
If you make arts and crafts in your spare time, you could easily turn that hobby into a lucrative side gig. Online seller sites like Etsy are popular, reliable marketplaces where consumers can buy goods directly from third parties — like you. You can set your own prices and build a reputation as a maker of quality products, which could lead to additional sales. As this “side gig” is already your hobby, it’s an easy way to pick up some extra money without doing any real additional work.
Potential salary: $1-$10/month per subscriber, plus any ancillary/marketing revenue
If you know enough about certain topics to be a subject matter expert, you might find it easy to gain followers by writing an e-newsletter or blog. Readers gain specialized knowledge from expert authors; so, if you’ve got a lifetime of information to provide, put your fingers to the keyboard and start writing. Popular blog topics include everything from finance and crafting to cooking and travel. This type of side hustle won’t earn you much money at the onset, but over time, if you can develop a loyal following, you can start to monetize your knowledge.
Potential salary: $30,000/year
Not that long ago, a virtual receptionist was something of a niche occupation. But with businesses moving remote and/or online during the coronavirus pandemic, demand for these types of workers has never been higher. A virtual receptionist can take on any of a number of tasks for a company, from directing calls to answering basic questions to taking orders. All you’ll need is a good internet connection and possibly some additional communications equipment and you’ll be set to go.
Online Language Instructor
Potential salary: $25-$100/hour
In spite of the rise of computer- and software-based language programs, many students prefer learning a language from a live instructor. If you’re fluent in a language and comfortable with interacting with students over a computer screen, you can translate those skills into a profitable side gig. You can advertise your talents on various job boards or simply market yourself through a website or newsletter. The more popular the language you teach, the more students you can potentially attract. For example, Spanish and Chinese are two of the most widely spoken languages in the world, but Latin is a so-called “dead language” that my not appeal to nearly as many students.
Potential salary: $0.10-$1/word
A ghost writer pens articles, stories or even books for another individual without receiving any public credit for it. Rather, the resulting work goes under the byline of the individual who hired the ghost writer. There are plenty of reasons why someone might want a ghost writer to produce work for them, ranging from a lack of time to an inability to write at an expert level. If you’ve got the skills to produce flawless work and meet specific deadlines, ghost writing can be a lucrative career for you.
House or Pet Sitter
Potential salary: $10-$25/hour
If you’re looking for an easily accessible side gig that doesn’t require much effort on your part, consider becoming a house or pet sitter in your neighborhood. This is easier to do if you already have a good reputation in your neighborhood, but if you don’t yet have a lot of connections, you can enroll with a trusted online service that vets its service providers before making them available to the general public. If you enjoy being with animals and/or spending time at home, house or pet sitting might be right up your alley. Depending on the gig, you might be able to read, watch TV, make arts and crafts or do what you would do in your day-to-day life while still earning extra money watching pets and/or a home.
Potential salary: $50-$500 per night hosted
More and more Americans, and indeed travelers around the globe, are looking for accommodations outside of traditional hotels, and Airbnb hosts are benefitting. If you’ve got the cash and are looking for an additional investment, you can buy a rental property and manage it as an Airbnb full time. If you own a home and are looking for something with a little less risk, perhaps you can rent out a room or two to make a few extra bucks. Either way, this type of passive income can mean monthly or even daily deposit into your checking account.
Potential salary: $45,000/year
Transcribing voice recordings to written documents is a job that’s tailor-made for working at home. Transcriptionists are needed in a wide variety of fields, from education and legal to medical and finance. Typically, you’ll need to get hired by a company to fill a work-at-home transcriptionist job, as you’ll often need special equipment to perform the job. But work hours are often flexible, and as long as you’re an accurate proofreader, good listener and fast typist, there will likely be plenty of work available for you.
Potential salary: Varies depending on markup and products sold
Reselling is a bit more of an active gig than some other side hustles, but if you’ve got a knack for it, it can also prove quite lucrative. Reselling involves buying in-demand products at good prices and putting them up for sale at a a higher price. Reselling won’t work for common items that anyone can buy from Amazon, for example, but it can work quite well for rare or hard-to-find products, like collectibles. For example, if a hot new shoe is released and sells out immediately, a reseller that can get their hands on the item can mark it up 100%, 200% or even more in the third-party market. Being a successful reseller requires access to hot markets and an eye for products that will be in high demand.
Potential salary: $1-$20 per survey
It’s a running joke that you can “make thousands working from home” while being a simple survey taker. While you can’t really replace a full-time income by sitting on your couch watching TV and filling out surveys, there is still money to be made. Reputable sites might pay out a few bucks per survey you complete, so it can be a nice way to earn a few extra dollars in your otherwise idle time. Completing surveys is not the most lucrative side hustle for increasing your net worth, but there’s a low barrier to entry and you won’t need any special skills to qualify.
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